Competitive Pricing Strategies for Retailers: Ken Research
Competitor’s Product and Pricing Analysis
Determining how much to charge for your product demands more thought than merely measuring your costs and totaling a mark-up. Presuming out how much the consumer values your product or service and pricing it consequently is called value-based pricing. Therefore, if you have the superlative product of service around the world, but if you don’t have a flattened and contextually based go-to-market (GTM) strategy and enactment program, you will descent. We all certainly know that publicizing plays the indispensable role in building the brand attentiveness, lead generation, prospect and consumer nurturing.
Businesses have to figure out a truthful pricing strategy in the appreciation to sojourn competitive and capitalize on their revenue and market share. An operational pricing strategy is based on pricing research which succors you in analyzing the conversions in the consumer concert in response to price oscillations and can also benefit in realizing the consumer’s attentiveness to pay in appreciation to determine a prime price for your new product.
If you have read any of our previous content on the pricing analysis, you will detect we are competently great advocates of employing the data to set your prices. Only the delinquent for few personalities is that you don’t extricate how to analyze your prices or the data you have, whether this is correlated to your specific products or your consumers. There are quite a few pricing analytics models and tools likewise Conjoint Analysis, Gabor-Granger Analysis, Van Westendorp Price Sensitivity Monitor and Brand Price Trade-Off (BPTO) approach which can be employed to communicate a business plan pricing strategy which warranties the viability and growth of your business.
Our market research reports will make available you the wide-ranging insights to competitor’s product and pricing analysis which will meritoriously promote you in the benchmarking of your strategy with the other competitor. Competitive intelligence will expressively assist you comprehend the best practice in business which will consent you to contrivance the appropriate pricing strategy. In addition, the Competitive pricing is a strategy which promoting businesses and attracts more regulars by employing the prices optimizing the competitor product and pricing Analysis data. A successful pricing strategy can expressively augment the sales, resulting in better collaboration with the wage-earners, and grow revenue.
Although, the Ken Research continuously gathering the practiced information, notice the trends and arrangements in the competitor comportment. With our research reports, you will effectually find out their off-season discount calendar, the products they discount in essence, how much they advance the prices. We formerly analysis this information, so that you will be returned to their pricing strategies without perceiving a loss.
With our data of the market research reports, you on the incentive of the moment study which regulars are most to be probable to endearing and truthfully how much they worth your information to their situations. The reconnaissance from our pricing analytics augment you in being more operational and cherished business and embolden you for building pricing the decision more vigorously, and fixing a fair price for shoppers that competitions the worth you deliver.
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Ankur Gupta, Head Marketing & Communications